Question
please answer both parts with correct and detailed calculations and explanations. make sure supporting statements are also provided for each step and calculation. Brief Exercise
please answer both parts with correct and detailed calculations and explanations. make sure supporting statements are also provided for each step and calculation.
Brief Exercise 7-05
Identify in what ledger (general or subsidiary) each of the following accounts is shown.
Accounts | Ledger | |||
| a. | Rent Expense. | General LedgerSubsidiary Ledger | ||
| b. | Accounts ReceivableCabrera. | General LedgerSubsidiary Ledger | ||
| c. | Notes Payable. | General LedgerSubsidiary Ledger | ||
| d. | Accounts PayablePacheco. | General LedgerSubsidiary Ledger |
Brief Exercise 7-06
Identify the journal in which each of the following transactions is recorded.
Transactions | Journals | |||
| a. | Cash sales. | Purchases JournalSales JournalGeneral JournalCash Payments JournalCash Receipts Journal | ||
| b. | Owner withdrawal of cash. | Purchases JournalCash Payments JournalCash Receipts JournalGeneral JournalSales Journal | ||
| c. | Cash purchase of land. | Purchases JournalGeneral JournalSales JournalCash Receipts JournalCash Payments Journal | ||
| d. | Credit sales. | Cash Receipts JournalGeneral JournalCash Payments JournalSales JournalPurchases Journal | ||
| e. | Purchase of merchandise on account. | General JournalCash Receipts JournalCash Payments JournalPurchases JournalSales Journal | ||
| f. | Receipt of cash for services performed. | Cash Receipts JournalCash Payments JournalSales JournalPurchases JournalGeneral Journal |
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
